Ann: ESR secures Strategic Investment to advance Timor-Leste, page-17

the 20k ore delivery is in relation to Timor not spargo! The spargo rights appear to just be security if they can’t deliver this in Timor. So no spargo hasn’t been sold for $350k if they can deliver in Timor.

The Option will be exercisable by the Subscriber (or its nominee) at any timefrom the date of completion of the issue of the Tranche 1 Subscription Shares until the datewhich is 90 days after the date on which the Company releases an ASX announcementconfirming the delivery and outcomes of a feasibility study in relation to the Timor-Leste Project(“Option Period”).